The first businesses to receive PPP loans are approaching the 8-week reporting period. At Navipay Payroll Services, we have been anticipating this and have reported so our clients are prepared to complete the loan forgiveness application and become the first to have their loans forgiven. The reports meet all the important record-keeping requirements published by the Small Business Administration. We are ready to provide these reports to our clients upon request, making the completion of the forgiveness application, seamless and stress-free:
1. PPP: Loan Forgiveness Payroll Cost Report: Total payroll cost for all pay dates during the covered period. The SBA payroll cost must be at least 75% of the total forgiveness amount.
2. PPP: Loan Forgiveness Payroll Cost Details Report: Total payroll cost for all pay dates during the covered period by the employee. The SBA payroll cost must be at least 75% of the total forgiveness amount.
3. PPP: Monthly Payroll Cost Report: Contains monthly payroll costs incurred during the applicable prior period, which will assist you in determining the potential maximum loan amount under the PPP and wages excludable from forgiveness such as salaries over $100k
4. PPP: Employee Detail Report: Comprised of the same information as the Payroll Cost Report, at the employee level so that you can validate the Payroll Cost Report data. This report is intended to provide certain monthly payroll costs incurred during the applicable prior period which will assist you in determining the potential maximum loan amount under the PPP.
Soon we will also be able to provide even more our clients upon request:
1. PPP: Loan Forgiveness Employee Wage Comparison: Contains a listing of all wages for each employee for the period. The Wage comparison report can be used to show if there has been a reduction of wages by employees between the covered period and the applicable lookback period.
2. PPP: Loan Forgiveness Wage Restoration: If there has been a reduction of wages, this report determines the number of wages that have been restored by June 30, 2020, in order to provide the full loan forgiveness amount.
3. PPP: Loan Forgiveness FTEE Comparison: Illustrates whether there has been a reduction in FTEEs between the covered period and an applicable lookback period.
4. PPP: Loan Forgiveness FTEE Restoration: If there has been a reduction of FTEEs, this report determines the amount of FTEEs that have been restored by June 30, 2020, in order to restore the full loan forgiveness amount.
At NaviPay Payroll Services, we pride ourselves on being the best advocate to your business. Beginning the first week of April as we stepped into this whirlwind of Covid-19, where every day it seemed like we were all experiencing something new, and committed ourselves to bringing you valuable information in easily digestible newsletters and blog posts.
We hope you are finding these newsletters enjoyable and valuable to your business! If you do please share it with your friends. You can also find us on Facebook, YouTube, Twitter, and LinkedIn at the links below. We hope to gain your business in the near future and to do this we are offering a Covid-19, three months free special to show you our commitment to being on your side, ALWAYS. If you’re interested in finding out more about the special or receive a consultation, you can call 772-208-9655, email us at info@Navipays.com, or complete the simple form on our website www.navipays.com
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